Oil Prices Rise on Middle East Conflict
Oil prices extended gains as Middle East conflicts escalated and tanker attacks raised supply concerns. Brent crude futures rose while Goldman Sachs raised its price forecast.
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Brent Crude Oil rose 76 cents to $105.48 a barrel during Monday's late evening session as escalating Middle East conflicts and tanker attacks threatened regional supply. The surge follows renewed drone strikes in Saudi Arabia and vessel damage near the Strait of Hormuz. Sustained disruptions in the region risk cementing higher energy costs globally, putting pressure on major importers.
